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There is no question that when an incident occurs, there are a lot of people who may need to be notified, especially if you work for a financial institution. Who do you contact and when should you contact them? In this article, we will answer these questions, as we talk about incident response plan communication guidelines.
When a security incident occurs, an early step in the analysis stage is to answer the question, "How bad is it?" Having an intentional approach to answering this question will help you facilitate decision making, prioritize responses, and ultimately, improve your organization's security. In this article, we will review the steps you can take to ensure incidents are classified effectively.
According to the Tandem State of Cybersecurity 2020 Survey Report, the top three incidents experienced in 2019 by financial institutions were social engineering (phishing), third-party compromise, and accidental security incidents by employees.
Incident response planning can be risky business. It requires you to consider what could happen in the future, so you can best plan for it now. Shorting the predictions can result in severe strategic, reputation, operational, or financial failures, but overestimating the risk exposure can be inefficient and costly, taking resources away from other important business and security matters.
Organizations partner with third parties when the benefit to the organization is perceived to be greater than the risk of outsourcing. With access to third-party expertise, organizations increase their opportunities to offer more services, help more clients, become more efficient, and generate more revenue.
When a potential incident occurs, it can be difficult to know who should be notified. Should the incident be reported to someone in IT, the Information Security Officer (ISO), direct supervisors, or someone else entirely?